The US says it’s stepping up enforcement of the price cap on Russian oil in a new phase for the measure that was imposed by the Group of Seven Nations after the invasion of Ukraine.
The cap is intended to keep the oil market stable while limiting the revenue Russia earns for its chief commodity by restricting western services to crude oil sold at $60 per barrel. Over time, the cap has lost effectiveness as Russia built its own fleet, spending billions of dollars to acquire hundreds of vessels.
The Primorye is accused of carrying Novy Port crude priced above $75 per barrel from a port in the Russian Federation after the cap went into effect in December. The Golden Bosphorus carried ESPO crude priced above $80 per barrel after the cap took effect. Both vessels used US-based service providers while transporting the oil, Treasury said in a statement.
Treasury released its new guidance and announced the sanctions just as G-7 finance minsters were meeting in Marrakech, Morocco, on the sidelines of the annual meetings of the International Monetary Fund and World Bank. Treasury Secretary Janet Yellen last month said the effectiveness of the cap in reducing Russian revenue had waned over time as Moscow had found ways to evade its reach and break its rules.
France Dernières Nouvelles, France Actualités
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